Seoul: LG Electronics Inc. on Thursday appointed Lyu Jae-cheol, head of the company's Home Appliance Solutions (HS) business division, as the new chief executive officer (CEO), the company said. The appointment was approved by the board earlier in the day as part of LG's executive reshuffle and organizational restructuring.

According to Yonhap News Agency, outgoing CEO Cho Joo-wan, who led the company for the past four years, is stepping down to enable a smooth generational transition, LG said. Lyu, who joined the company's home appliance research institute in 1989, spent roughly half of his career in home appliance research and development (R and D) before moving on to lead major business operations as a technology-oriented executive.

LG Electronics said Lyu will focus his work in "expanding LG's market-leading DNA in home appliances across the entire organization" to further enhance the company's fundamental competitiveness and growth potential. The company credited Lyu for strengthening LG's market leadership through flagship products while laying the groundwork for sustainable growth through continuous R and D.

He also expanded the HS division business portfolio by advancing appliance subscription services, online sales channel growth, and business-to-business operations involving built-in appliances and component solutions, the company added.